Skip to content
AidData logo

Overview

China Construction Bank contributes to a €215 million EUR syndicated green loan to Immobiliare Grande Distribuzione SIIQ for refinancing purposes

Commitments (Constant USD, 2023)$30,550,017
Commitment Year•2022Country of Activity•ItalyDirect Recipient Country of Incorporation•ItalySector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Aug 2, 2022
Start (actual)
Aug 8, 2022
End (actual)
Aug 8, 2022
Last repayment (originally scheduled)
Aug 1, 2025

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • China Construction Bank Corporation (CCB)

Cofinancing agencies

Private Sector

  • Banca Nazionale del Lavoro S.p.A. (BNP Paribas - BNL)
  • Banco BPM S.p.A.
  • BNP Paribas S.A.
  • Deutsche Bank S.p.A.
  • Intesa Sanpaolo S.P.A. (formerly Cariplo/Banca Intesa/BCI)

State-owned Banks

  • Cassa Depositi e Prestiti S.p.A. (CDP)
  • MPS Capital Services Banca per le Imprese S.p.A.

Receiving agencies

Private Sector

  • Immobiliare Grande Distribuzione SIIQ S.p.A. (IGD SIIQ)

Loan description

CCB contributes to 2022 €215 million EUR syndicated green loan to Immobiliare Grande Distribuzione SIIQ for refinancing purposes

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

On August 2, 2022, a syndicate of seven banks — including China Construction Bank (CCB) — entered into a €215 million EUR syndicated senior green loan facility agreement with Immobiliare Grande Distribuzione SIIQ S.p.A. (IGD SIIQ) — an Italy-incorporated real estate company that develops and manages shopping centers headquartered in Bologna and listed on the Star Segment of the Italian Stock Exchange with Coop Alleanza 3.0 soc.coop., an Italy-incorporated consumers' cooperative headquartered in Castenaso, as its largest shareholder (40.92% of share capital) — for refinancing purposes. This loan carried a maturity period of three years with two extension options that would take maturity to August 1, 2027. The loan was unsecured. The loan was to be used to finance and/or refinance Eligible Green Projects referred to in IGD SIIQ's Green Financing Framework, developed in accordance with the Green Bond Principles 2021, published by the International Capital Market Association (ICMA), and the Green Loan Principles 2021, published by the Loan Market Association (LMA) and to refinance the borrower's existing €200 million EUR loan signed on October 16, 2018. In addition to CCB, the following lenders contributed to the loan syndicate: BNP Paribas S.A., Banca Nazionale del Lavoro S.p.A. (BNP Paribas - BNL), Banco BPM S.p.A., Cassa Depositi e Prestiti S.p.A. (CDP), Deutsche Bank S.p.A., Intesa Sanpaolo S.p.A., and MPS Capital Services Banca per le Imprese S.p.A.. BNP Paribas served as global coordinator and green coordinator. The other banks served as arrangers. The loan was drawn down August 8, 2022. As of December 31, 2022, €212,544,000 EUR was outstanding under the facility.

Staff comments

1. The individual contributions of the seven lenders to this €215 million EUR syndicated loan are unknown. Therefore, to estimate the contributions of CCB, AidData has assumed that each contributed equally (€30,714,285.7143 EUR) to the loan syndicate.